The Muskoka residential market has seen some significant growth YOY, while the recreational market continues at a more typical pace.
Residential market growth YOY of 21.93%, while recreational was up only 3.57% and condominium market down 2.9%
The percentage as a ratio between sale price and list price has for the first time breached 100% at 100.07%, this means that the sale price on residential on average sold over the listing price by .07%. The recreational sale to list ratio is 96.51%, still a significant improvement.
Days on market continue to decrease, as properties sell faster YOY.
The average sale price for residential properties increased 16.75%. The condominium market had a significant increase as well at 16.33% and recreational market up 5.27%.
Time to look a bit closer at the residential real estate market in Muskoka.
Huntsville has experienced the largest growth in the residential market, up 31.55%, Gravenhurst follows closely behind at 27.59% and Bracebridge experienced fewer unit sales YOY, down 7.25%.
With increased demand in the Huntsville and Gravenhurst market, prices increased 22.56% and 37.73% respectively. While Bracebridge remained flat with a decrease of only .9%.
The graph below illustrates the number of properties listed (line graph) and the properties sold (bar graph) for each of the towns. Both Bracebridge and Gravenhurst had significantly less inventory than Huntsville.
There however appears to be a slight softening in the residential market in 2017 with sales dropping from May to June 2017 by 7.25%. The sales however are up for June YOY 28% and so far up 21.93% YTD over 2016.
Below is the break-down of unit sales by price range. Higher priced properties continue to show most of the growth as many people make there way to the Muskoka towns from the GTA.
Lets look at the recreational market. Number of cottages sold have decreased for 2017 compared to 2016 for Bracebridge and Huntsville — Bracebridge down 7.1%, Huntsville down 27.4%. Gravenhurst however had an increase of 20.8%. Inventory levels remain low for all areas.
The average sale price for Bracebridge, Huntsville and Gravenhurst has risen. I suspect the lack of inventory both drives up the price and produces fewer sales.
The Lake of Bays area had an increase in unit sales of 35.85%, while the Muskoka Lakes area decreased 26.38%. Big lack of inventory in the Muskoka Lakes area.
Average sale price for Muskoka Lakes is higher at 6.06% YOY, and Lake of Bays area is down 14.36%
The month of June has decreased YOY by 12.88% in unit sales, a further reflection of the softening market in the GTA. Total sales are still up over last year by 3.57%.
The following chart shows all the recreational sales in Muskoka by price range. These exclude vacant land.
The chart below demonstrates unit sales by price range for Lake of Bays.
The chart below demonstrates unit sales by price range for Lake Muskoka, Lake Rosseau and Lake Joseph.
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